Hong Kong Stocks Rebound as Tech Selling Eases; China Eastern Gains 4%

MT Newswires Live10-16 16:48

Hong Kong stocks rose Friday as technology shares recovered from the previous session's selloff, while easing concerns over bond yields and lower oil prices supported sentiment across Asian markets.

The Hang Seng Index gained 124.11 points, or 0.5%, to close at 24,186.83, while the Hang Seng China Enterprises Index rose 24.98 points, or 0.3%, to 8,128.25.

The rebound followed Thursday's sharp decline in technology shares, triggered by concerns over the debt burden of U.S. cloud computing company CoreWeave and the financing behind the AI boom. Oil prices fell on reports that the U.S. was considering easing sanctions on some oil shipments from Russia, Iran and Venezuela.

Hong Kong's financial markets will remain closed on Monday for the day following Chung Yeung Festival, and will resume on Tuesday.

In corporate developments, China Eastern Airlines (SHA:600115, HKG:0670) rose 4% after passenger traffic, measured in revenue passenger kilometers, increased 8.5% year on year in September.

Bairong AI (HKG:6608) gained more than 4% after its unit agreed to join a partnership to establish a 500-million-yuan fund managed by CICC Capital.

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